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May 19, 2022

News of the Trade

Latest trading, investing, and financial news

Univar Solutions stock rallies following big earnings beat

Univar Solutions Inc. shares surged in the extended session Monday after the specialty chemical and ingredient distributor’s quarterly results far exceeded Wall Street expectations.

Univar
UNVR,
-4.68%
shares rallied 9% after hours, following a 4.7% decline in the regular session to close at $28.33.

The company reported first-quarter net income of $180.8 million, or $1.06 a share, compared with $66.2 million, or 39 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.07 a share, compared with 43 cents a share in the year-ago period.

Revenue rose to $2.88 billion from $2.16 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast 83 cents a share on revenue of $2.62 billion.

“Coming off a tremendous 2021, I am truly delighted with our record financial performance in the first quarter, despite the ongoing challenges of constrained supply, transport and the pandemic,” said David Jukes, Univar chief executive, in a statement.